Adani Group vs Hindenburg: Indian conglomerate emerged victorious in its battle against the short-seller
Hindenburg Research, the short-seller firm, people who make money from others’ misery, like George Soros for example, challenged the Adani Group of India couple of years back. Ultimately they lost as Hindenburg shut down while Adani Group continues to thrive.
In January 2023, Hindenburg published a report against the Adani Group, one of India’s largest conglomerates, led by Gautam Adani, as “the largest con in corporate history”.
Following Hindenburg report, stock prices of all Adani Group companies plummeted, benefiting short seller Hindenburg, and Adani group’s biggest public offering was abruptly scrapped. For a while, it seemed like Gautam Adani’s empire was on the brink due to these short-sellers.
However, that mood in the markets didn’t last long. Adani Group staged a swift comeback to restore investor confidence.
Interestingly, the Hindenburg report, which accused the Adani Group of stock manipulation and accounting fraud, dropped just a week before Gautam Adani was in Israel to finalise a USD 1.2-billion deal to acquire the Haifa seaport.
The privatisation of Haifa Port was Israel’s largest and most ambitious infrastructure and financial undertaking of the 2020s. Initially, 18 international bidders expressed interest, but only five were cleared to submit final proposals.
The winning bid — after passing Israel’s stringent security vetting — came from a joint venture between Gadot Masofim for Chemicals Ltd and Adani Ports and Special Economic Zone Ltd, with the Indian firm holding the majority stake.
The entire process took 18 months, and Israeli Prime Minister Benjamin Netanyahu was present at the signing on January 31, 2023.
According to PTI report, a top Israeli leader questioned Adani about the allegations against him, to which the Indian billionaire firmly responded that they were “absolute lies”.
As per reports, Eshel Armoni, the outgoing chairman of the port and a former high-ranking Mossad official, was present during the exchange.
Israeli establishment saw the Hindenburg report as a deliberate attempt to undermine the Haifa port deal with Adani, which Tel Aviv considered strategically vital for the India-Middle East-Europe Economic Corridor — a counterweight to growing Chinese influence in the region.
Meanwhile, the controversial short-seller Nathan (Nate) Anderson, who is behind the infamous Hindenburg Research,faced serious allegations of colluding with hedge funds like Canada’s Anson Funds. The information came to light via court filings submitted in Ontario courts as part of a defamation lawsuit. These documents pointed to coordinated efforts that may have violated securities laws. The revelations made in the court documents cast doubt on Anderson’s earlier claims that his organisation worked independently.The New York offices of Hindenburg Research and its founder, Nathan ‘Nate’ Anderson, a certified Chartered Financial Analyst, were watched, they said.
Notably, Nathan Anderson, the founder of the short-seller Hindenburg Research, announced on 15th January, 2025, that he would disband the firm.
News